The range is 469 pips and the price rallied close to 400 pips from the close, but still below the 100 hour MA
The GBPUSD has a low to high trading range of 469 pips and at the high the price rallied close to 400 pips (high was up 393 pips), but even with that move, the price could not reach the 100 hour MA. At the high for the day at 1.1877, the 100 hour MA was at 1.1908. The 100 hour MA is currently down at 1.18862. It will take a move back above that MA to give the buyers more upside
The good news, is that the price today did move above a
- trend line (currently at 1.1679),
- the 38.2% of the last trend leg lower at 1.16829,
- the 50% and 61.8% of the same move,
However, that 100 hour MA could not be reached. We currently trade around the 50% midpoint at 1.17677.
On the wide though, the broken trend line at 1.1679 is the area to look towards for support. The 100 hour MA is the resistance. We currently trade near the middle of that range.
Drilling to the 5 minute chart, the pair is testing the 100 bar MA (blue line) at 1.17592. If the price can move back below that MA (and show more momentum), we should see more downside momentum with the 38.2% of the range at 1.16979. Below that, and the 200 bar MA comes in at 1.16529.
